Morning Plenary Session I

Financial Literacy and Banking the Unbanked: from Third World Poor to First World Under-Served
Video
11:15AM - 12:30PM

In America, more than 10% of the population (approximately 40 million) are unbanked are significantly under-banked, and in developing countries around the world the unbanked account for as much as 70-80% of a country’s population.   In this environment those who make the least also spend the most on financial services (check cashers, payday loan lenders, rent to own vendors, etc), and it could be argued that a bank account, and a corresponding understanding of “the language of money,” is as important to achieving a level of freedom, justice and independence in the 21st century as was the right to vote was to democracy in the 20th century.  This session will frame the issue, cover the facts, outline practical strategies for banking the unbanked and under-banked both here and abroad, and thereafter seek to chart a course forward for all.  Universal financial services access is the second global silver right after financial literacy.

Against the backdrop of the global economic crisis it becomes clear crystal clear that we all are living in an economic age, and it is absolutely critical that everyone from the poor to the working class to the global middle class are financially literate and understand the basics of the “language of money.”

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